Estate Appraisals/Retrospective Appraisals
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Learn More About Estate Appraisals
We know that managing or settling an estate can be a difficult task. As the trustee, executor or professional advisor, you have many things you need to deal with and we want you to know that you can count on us to act quickly and with as much sympathy and confidentiality as possible.
There are many situations where you need an experienced, qualified, and certified appraisal expert. A professional appraisal gives the executor solid facts and figures needed to make decisions, support their fiduciary responsibilities and ensure peace of mind for all parties.
Establishing New Basis
The most common scenario is to determine the fair market value as of the date of passing of the decedent, commonly referred to as a date of death appraisal. When a beneficiary inherits property from a decedent, the property receives a step-up in basis to its value on the date of death. This “step-up in basis” can be a significant income tax benefit for beneficiaries and needs to be documented by an appraisal.
Retrospective Value
In many cases, the appraiser is requested to establish the value of a property when the date of death was months or sometimes years in the past, these are referred to as retrospective appraisals or historical appraisals. These are also typically used to establish the stepped-up basis in a property for estate planning and tax filing purposes. Having been in business since 1989, we access to historical real estate data going back decades.
Buy-out or Selling an Inherited Property
In some scenarios, one of the heirs may wish to buy-out the interest of the other heirs and retain the property personally or the executor may be required to sell the property. In either case, a professional, unbiased appraisal should be obtained to document the value and support the executor’s decisions and fiduciary responsibilities.
Estate Tax Returns
Estate tax returns are required whenever the total value of the decedent’s assets exceed the applicable filing thresholds. Appraisals are often required to determine the value of the real estate holding of the estate to assist in deriving the total value of an estate and documenting the value for the tax return.
Charitable Contributions and Gift Tax
For non-cash charitable contributions and for gift taxes, IRS Tax Return Regulations (26 CFR part 1) requires taxpayers to obtain a “qualified appraisal” on real property by a “qualified appraiser”. A separate qualified appraisal and a separate Form 8283 are required for each property, the appraiser must complete Part III of Form 8283.
Qualified Appraisal
A “qualified appraisal” means an appraisal that is conducted by a “qualified appraiser” in accordance with generally accepted appraisal standards. An appraisal will be treated as having been conducted in accordance with generally accepted appraisal standards if, for example, the appraisal is consistent with the substance and principles of the Uniform Standards of Professional Appraisal Practice (USPAP).
Qualified Appraiser
A “qualified appraiser” is an individual who has earned an appraisal designation from a recognized professional appraiser organization, if the designation is awarded on the basis of demonstrated competency in valuing the type of property for which the appraisal is performed, or has otherwise met minimum education and experience requirements set forth by the Secretary.
Why Choose Anderson Appraisal Services?
We are intimately familiar with all aspects of preparing appraisals for estate planning. Our thorough, accurate reports are developed to meet the requirements of the courts, the IRS, and the franchise tax board. We work in full compliance with the confidentiality and ethics provision of the Uniform Standards of Professional Appraisal Practice (USPAP), ensuring that we handle every estate appraisal with full discretion and professionalism.
Estate Appraisal Report Recommendations
Anderson Appraisal Services provides accurate, well-developed appraisals available in a variety report formats tailored to complement the different needs in the estate and tax return filling process. We leverage our long-standing expertise and technology to deliver well-substantiated appraisals.
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$150
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$250
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$350
Professional Associations
We are constantly looking for ways to learn, network, and improve. As associate members of the San Diego County Bar Association and the National Association of Estate Planner & Councils we can make sure we stay abreast of the most recent developing issues in Estate Planning.
